Prospectus - Notowania

59
>> Group Results
Private Banking
As a result, the composition of financial assets 1 at September 30, 2009 showed an increase in the managed component to
around 33% of all assets (around 32% at 30 June 2009), and a slight decrease in the administered component, to just under
45%, and in deposits (including repos), to just under 22%.
Percentage breakdown of financial assets 1 at September 30, 2009
1. See footnote on previous page.
0,3%
21,9%
44,9%
32,9%
Assets
under
management
Assets in
custody
Deposits and
Repos
Assets unde
admin and
other assets
In terms of profitability, the Private Banking business unit registered operating profit of €187 million. This is down 35.7% on
the same period of the previous year, when market conditions were totally different, both in terms of the economic and
financial landscape and of interest rates. A consistently rigourous cost containment policy partially offset the negative impact
of a significant drop in commissions and net interest income, which were affected by the market situation.
Income Statement (€ million)
FIRST 9 MONTHS CHANGE 2009
CHANGE 2008
2009 2008 % Q3 Q2 % Q3
PRIVATE BANKING ON Q2 09
Operating income 587 704 - 16.6% 167 215 - 22.3% 212
Operating costs -400 -413 - 3.1% -134 -131 + 2.3% -137
Operating profit 187 291 - 35.7% 33 84 - 60.7% 75
Profit before tax 175 311 - 43.7% 34 75 - 54.7% 71
Revenues of €587 million were down by 16.6% compared with the same period in 2008. To be specific:
� net interest income fell by around 13% because of the effect of lower interest rates on the profitability of
deposits, as well as the extraordinary dividends received in 2008 in Germany from unconsolidated companies of
the Wealth Capital group;
� net non-interest income dropped by around 19%, suffering largely from lower net commissions (-20%
approximately), which were heavily influenced by smaller recurring commissions from asset management as a
result of reduced assets under management – which started to pick up only in the third quarter of 2009 – and by
smaller upfront fees; the administered trading component increased, however.
Operating costs in the first nine months of 2009 totalled €400 million, a decrease of 3.1% compared with the same period
in the previous year. Reductions were reported in the area of payroll costs (-4% approximately) due in part to a staff
reduction of 70 employees from the September 2008 figure (-93 employees since the beginning of the year), and also to
other administrative expenses (-3% approximately).
The reduction in operating costs can be traced to timely and effective actions taken to contain direct, structural and
discretionary expense, in an attempt to support highly unstable profits on the revenue side.
The cost/income ratio at September 30, 2009 stood at 68.1%, an increase of 58.7% compared with the figure a year
earlier.